The government now aims for the 2024 growth rate to exceed 4 per cent, government spokesman Konstantinos Letymbiotis said, following a flash estimate by the Statistical Service for a growth rate of 3.6 per cent (3.7 per cent when adjusted seasonally and based on working days).

In a post on X, Letymbiotis said that the Cypriot economy continues its upward trend, “through the implementation of sound policies of the Christodoulides government”.

“Continuing the implementation of sound policies, we are aiming for stronger growth in 2024”, he added, saying that the target is now for the growth rate to exceed 4 per cent, a percentage significantly higher than the European Commission’s forecasts.

The European Commission’s forecast for the growth rate in Cyprus was 2.8 per cent for 2024 and 2.9 per cent for 2025.

Letymbiotis said that the Cypriot economy recorded the second highest growth rate in the EU, three percentage points above the EU growth rate (0.8 per cent in the second quarter).

“The high growth rate combined with the contraction of unemployment and inflation and the strong fiscal balance allows for the continuation of successful targeted social policies”, he added.

“We are committed to continue with the same responsible, prudent economic policy for an even more modern, more resilient Cyprus. Together we will build the Cyprus of hope and perspective”, he concluded.